[pemeliza]

“Right now, there is a ppsf differential of about 100 bucks between mission hills and North Park, but with substantially more variability ”

If you look at the sales prices and not list prices, I think things are tighter than that. I just took a look at redfin for zip codes 92103 and 92104 market trends for houses.

In 92104 the listing price for houses averages $397 a foot while the sold prices average $421 a foot. The sales to list price 98.13%.

Meanwhile, in 92103 the listing price for houses averages $514 a foot while the sold prices average $429 a foot. The sales to list price is 94.57%.

I realize that these are rough data and 92103 also includes Hillcrest, but the trend can be confirmed if you look at recent sales on a house per house basis. For whatever reason, the ppsf differential between 92103 and 92104 is collapsing for houses.

[pemeliza]

“Right now, there is a ppsf differential of about 100 bucks between mission hills and North Park, but with substantially more variability ”

If you look at the sales prices and not list prices, I think things are tighter than that. I just took a look at redfin for zip codes 92103 and 92104 market trends for houses.

In 92104 the listing price for houses averages $397 a foot while the sold prices average $421 a foot. The sales to list price 98.13%.

Meanwhile, in 92103 the listing price for houses averages $514 a foot while the sold prices average $429 a foot. The sales to list price is 94.57%.

I realize that these are rough data and 92103 also includes Hillcrest, but the trend can be confirmed if you look at recent sales on a house per house basis. For whatever reason, the ppsf differential between 92103 and 92104 is collapsing for houses.

[pemeliza]

“Right now, there is a ppsf differential of about 100 bucks between mission hills and North Park, but with substantially more variability ”

If you look at the sales prices and not list prices, I think things are tighter than that. I just took a look at redfin for zip codes 92103 and 92104 market trends for houses.

In 92104 the listing price for houses averages $397 a foot while the sold prices average $421 a foot. The sales to list price 98.13%.

Meanwhile, in 92103 the listing price for houses averages $514 a foot while the sold prices average $429 a foot. The sales to list price is 94.57%.

I realize that these are rough data and 92103 also includes Hillcrest, but the trend can be confirmed if you look at recent sales on a house per house basis. For whatever reason, the ppsf differential between 92103 and 92104 is collapsing for houses.

[pemeliza]

Another flip in 92103. Took them forever to sell it and they took well under list price.

http://www.sdlookup.com/MLS-100020729-4230_Albatross_Dr_San_Diego_CA_92103

[pemeliza]

Another flip in 92103. Took them forever to sell it and they took well under list price.

http://www.sdlookup.com/MLS-100020729-4230_Albatross_Dr_San_Diego_CA_92103

[pemeliza]

Another flip in 92103. Took them forever to sell it and they took well under list price.

http://www.sdlookup.com/MLS-100020729-4230_Albatross_Dr_San_Diego_CA_92103

[pemeliza]

Another flip in 92103. Took them forever to sell it and they took well under list price.

http://www.sdlookup.com/MLS-100020729-4230_Albatross_Dr_San_Diego_CA_92103

[pemeliza]

Another flip in 92103. Took them forever to sell it and they took well under list price.

http://www.sdlookup.com/MLS-100020729-4230_Albatross_Dr_San_Diego_CA_92103

[pemeliza]

“You can’t fix square footage. And I’m not about to pay north of a half million for an outdated house that requires north of $50k in ‘fixing’.”

I wasn’t suggesting that the place was a great deal but it is a great street. I was just pointing if a similar size house on a great street in NP is selling for 450-500k, then personally I would spend the extra $$$ to get north mission hills if I was in the market for a home of that type. Right now the homes in NP are selling while homes in MH are pretty much sitting. This suggests to me that the gap between the neighborhoods may be narrowing further. Thus, I would be cautious about buying in NP right now especially at the current prices that as some have pointed out really have not gone down much from the peak in this price range.

[pemeliza]

“You can’t fix square footage. And I’m not about to pay north of a half million for an outdated house that requires north of $50k in ‘fixing’.”

I wasn’t suggesting that the place was a great deal but it is a great street. I was just pointing if a similar size house on a great street in NP is selling for 450-500k, then personally I would spend the extra $$$ to get north mission hills if I was in the market for a home of that type. Right now the homes in NP are selling while homes in MH are pretty much sitting. This suggests to me that the gap between the neighborhoods may be narrowing further. Thus, I would be cautious about buying in NP right now especially at the current prices that as some have pointed out really have not gone down much from the peak in this price range.

[pemeliza]

“You can’t fix square footage. And I’m not about to pay north of a half million for an outdated house that requires north of $50k in ‘fixing’.”

I wasn’t suggesting that the place was a great deal but it is a great street. I was just pointing if a similar size house on a great street in NP is selling for 450-500k, then personally I would spend the extra $$$ to get north mission hills if I was in the market for a home of that type. Right now the homes in NP are selling while homes in MH are pretty much sitting. This suggests to me that the gap between the neighborhoods may be narrowing further. Thus, I would be cautious about buying in NP right now especially at the current prices that as some have pointed out really have not gone down much from the peak in this price range.

[pemeliza]

“You can’t fix square footage. And I’m not about to pay north of a half million for an outdated house that requires north of $50k in ‘fixing’.”

I wasn’t suggesting that the place was a great deal but it is a great street. I was just pointing if a similar size house on a great street in NP is selling for 450-500k, then personally I would spend the extra $$$ to get north mission hills if I was in the market for a home of that type. Right now the homes in NP are selling while homes in MH are pretty much sitting. This suggests to me that the gap between the neighborhoods may be narrowing further. Thus, I would be cautious about buying in NP right now especially at the current prices that as some have pointed out really have not gone down much from the peak in this price range.

[pemeliza]

“You can’t fix square footage. And I’m not about to pay north of a half million for an outdated house that requires north of $50k in ‘fixing’.”

I wasn’t suggesting that the place was a great deal but it is a great street. I was just pointing if a similar size house on a great street in NP is selling for 450-500k, then personally I would spend the extra $$$ to get north mission hills if I was in the market for a home of that type. Right now the homes in NP are selling while homes in MH are pretty much sitting. This suggests to me that the gap between the neighborhoods may be narrowing further. Thus, I would be cautious about buying in NP right now especially at the current prices that as some have pointed out really have not gone down much from the peak in this price range.

[pemeliza]

“$534k for a 2/1 under 1000 feet? I’d say that the MH premium is still rather high. Nice kitchen…from the 70’s.
The built-ins are nice but there’s no way I’d pay that much for that place.”

This place closed during the tax credit frenzy so I would say it is not unreasonable that something this would be selling for 450k before this is all over. I guess the point I was trying to make is that mission hills is kinda tanking right now and I would definitely not pay 550k+ for a house in NP a block away from University near a gas station with a 10k home depot kitchen thrown in. See for example,

http://www.sdlookup.com/MLS-100038503-3806_Villa_Terrace_San_Diego_CA_92104

The place on Montecito sold for 300k in 1990 which was the peak of the last bubble but interest rates were also 8-10% so when you factor in the difference in rates the payment is pretty much the same.

As far as the mission hills premium, there is a pretty close house match in north park on Granada that sold for 495k late last year

http://www.redfin.com/CA/San-Diego/3727-Granada-Ave-92104/home/5381818

So maybe there is a 10-15% premium right now for north mission hills. Personally I would pay that premium and get a fixer. You can always fix the house.

[pemeliza]

“$534k for a 2/1 under 1000 feet? I’d say that the MH premium is still rather high. Nice kitchen…from the 70’s.
The built-ins are nice but there’s no way I’d pay that much for that place.”

This place closed during the tax credit frenzy so I would say it is not unreasonable that something this would be selling for 450k before this is all over. I guess the point I was trying to make is that mission hills is kinda tanking right now and I would definitely not pay 550k+ for a house in NP a block away from University near a gas station with a 10k home depot kitchen thrown in. See for example,

http://www.sdlookup.com/MLS-100038503-3806_Villa_Terrace_San_Diego_CA_92104

The place on Montecito sold for 300k in 1990 which was the peak of the last bubble but interest rates were also 8-10% so when you factor in the difference in rates the payment is pretty much the same.

As far as the mission hills premium, there is a pretty close house match in north park on Granada that sold for 495k late last year

http://www.redfin.com/CA/San-Diego/3727-Granada-Ave-92104/home/5381818

So maybe there is a 10-15% premium right now for north mission hills. Personally I would pay that premium and get a fixer. You can always fix the house.

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